Global LNG Market in 2022 and 2023
Global LNG volumes hit record high as Europe crowds out poorer Asia
- The world imported more liquefied natural gas (LNG) in 2022 than ever before, but the war in Ukraine has meant that the growth was concentrated in wealthy European countries and away from poorer Asian countries.
- The LNG that didn't go to Asia was snapped up by Europe, with the continent's imports surging 59% to 124.93 million tonnes in 2022 from 78.55 million tonnes the prior year.
- Overall, the dynamics established in 2022 are likely to persist in 2023, with Europe maintaining high levels of LNG imports, which will keep spot prices high, while developing Asian nations struggle to compete and turn more toward coal for power generation. ..........Reuters Jan. 13, 2023
Asia's lower LNG demand in 2022
- For years, the liquefied natural gas (LNG) industry has assumed that Asia would be a reliable, rapidly growing customer.
- But a turbulent year in global gas markets has called this assumption into question. Europe’s push to replace Russian piped gas with LNG caused prices to hit record levels in 2022. In response, demand for LNG in Asia dipped 7%, the first annual drop since 2015. As unaffordable prices stifled Asian demand, utility profits waned, proposed import projects stalled, and countries grappled with a constant threat of fuel shortages and blackouts. ......IEEFA Jan. 11,2023
China’s 2023 LNG demand likely to rise between 9-14%
- China’s demand is set to rebound to between 70 million and 72 million tons in 2023, 9 percent to 14 percent higher than in 2022, say analysts at Rystad Energy, Wood Mackenzie and ICIS.
- State energy officials have estimated that in 2022 China’s annual demand for natural gas may have fallen for the first time in two decades, because of weak demand from industries disrupted by pandemic controls.
Gallery
2021.7 BK Cooperate with Hanyang on the North East Asia LNG Hub Terminal Project
2019.7 Cooperation agreement with Shanghai Petroleum and Natural Gas Exchange(SHPGX)
2019.11.18 Unloading ISO Tank to the customer in Ryenwin-port, Zhejiang
2019.11.15 Two LNG vessels departed from Pyeongtaek Port arrived at Chengdo Port in 24 hours by container ship
2019.11.15 CEO JP Kim is giving congratulatory message for first import of ISO LNG Tank
2019.11.15 Commemoration of the first import of LNG container from Korea
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